Charles Alcock is managing editor of the AIN Media Group, having rejoined the company in 2019. He has been an aviation journalist since 1986, and previously worked for AIN from 1990 to 2017, most recently as editor-in-chief. His main focus is on covering new aviation technology and business models, as well as international news.
Having been raised in the London area, Alcock studied at the University of Manchester in the UK and earned an honors degree in Politics and Modern History. He speaks English and French, and some German.

Managing Editor

Charles Alcock

China’s Zhejiang Wanfeng Auto Wheel Co. has agreed to acquire German eVTOL aircraft manufacturer Volocopter, which is currently involved in an <a href="https://www.ainonline.com/aviation-news/futureflight/2025-03-05/volocopter-enters-new-phase-insolvency-save-evtol-aircraft">insolvency process</a>. In a stock exchange statement reported on March 10 by China Evtol News, the automotive group said that its German subsidiary Heptus 591 GmbH has signed an asset purchase agreement with Volocopter’s court appointed administrator Tobias Wahl covering the acquisition of assets, and intellectual property rights, as well as assuming contract rights and obligations.
According to the stock market statement, Wanfeng is paying €10 million ($11 million) to acquire Volocopter, with the book value of assets and intellectual property declared as €42 million. According to Wanfeng, the purchase price was set, “based on the condition of the assets and the progress of research and development [for Volocopter’s two-seat VoloCity eVTOL model] as of the signing date [March 5] through friendly negotiation between the parties on a mutually beneficial basis.”
The Wanfeng group holds a controlling 55% stake in light aircraft manufacturer Wanfeng Aviation. Since 2017, it has also owned owned Austria’s Diamond Aircraft, which makes a family of general aviation models including the DA20, the DA40, the DA42 and the DA62.
Heptus 591was established as a limited liability company in Germany on January 17, apparently as a vehicle for the Volocopter transaction. The Berlin-based firm is a wholly-owned subsidiary of Diamond Verwaltungs, which itself is wholly owned by Wanfeng Aviation.
<h2>Connection to Diamond Aircraft</h2>
The terms of the transaction, which still has to be authorized by Volocopter’s current owners, require Heptus 591to assume responsibility under German law for labor relations with employees, most of whom are currently on court-ordered gardening leave. The buyer has also committed to leasing factories and office buildings for a monthly rent of €40,000 for a period of up to five months.
Wanfeng has not made any public statement about its intentions for Volocopter, which, until it had to file for pre-insolvency protection on December 26, has been aiming to complete EASA <a href="https://www.ainonline.com/aviation-news/futureflight/2024-12-13/volocopter-makes-final-push-towards-evtol-aircraft-type">type certification of the VoloCity</a> in 2025. On February 18, French helicopter operator <a href="https://www.ainonline.com/aviation-news/futureflight/2025-02-18/french-helicopter-operator-signs-volocopters-volocity-evtol">Jet Systems Hélicoptères Services</a> signed an agreement to buy two of the aircraft.
According to Wanfeng, the acquisition, “will enrich the company’s low-altitude industry product portfolio, [and] positively promote the global industrial layout of the company’s low-altitude field, [and] align with the company’s long-term development strategy, and benefit the company and its shareholders.”
A Diamond Aircraft spokesman told AIN it had no immediate comment on reports linking its parent company with Volocopter. The Austrian manufacturer is developing an electric version of its <a href="https://www.ainonline.com/aviation-news/futureflight/2023-07-26/diamonds-electric-eda40-trainer-makes-first-flight">DA40 light aircraft</a>, which is powered by Safran’s EngineUs electric engine.
<h2>Volocopter's China Connection</h2>
In 2019, China's Geely automotive group was one of Volocopter's early financial backers in a <a href="https://www.ainonline.com/aviation-news/business-aviation/2019-09-09/volocopters-evtol-plans-boosted-55-million-investment">Series C funding round</a>. In September 2021, Geely announced a <a href="https://www.ainonline.com/news-article/2021-09-22/new-joint-venture-will-take-150-volocopters-evtol-aircraft-china-market">joint venture</a> between Volocopter and its eVTOL manufacturing subsidiary Aerofugia.
China-based advanced air mobility group DAP Technologies has said it aims to cooperate with Wanfeng to advance plans to give the VoloCity aircraft <a href="https://www.ainonline.com/aviation-news/futureflight/2025-02-20/chinas-low-altitude-economy-path-evtol-air-taxi-services">access to the domestic market</a>. According to the company's CEO, Louis Liu, a Chinese takeover of Volocopter's assets is the best outcome for the German company.
"VoloCity can fly in China as an autonomous eVTOL, which means she can carry two passengers with no pilot cost," Liu told AIN. "Certifying VoloCity according to [China's] AP-21-AA-2023-11R1 regulatory framework and operating VoloCity autonomously under CCAR-92 rules for air taxi and tourist flights is the best pathway.&nbsp;
&nbsp;
&nbsp;
&nbsp;
&nbsp;
&nbsp;

Issues regarding financing of aircraft; aviation insurance; tax issues for aircraft operators; new companies and people in the aviation financing and insurance industries.

China's Wanfeng Group Set to Buy eVTOL Developer Volocopter for €10 Million

Wanfeng has owned Austria-based Diamond Aircraft since 2017

Chinese general aviation group Wanfeng, which includes Diamond Aircraft, has agreed to buy the assets and intellectual property of eVTOL developer Volocopter.

China's Wanfeng Group Set to Buy Volocopter for €10 Million

2024 Corporate Aviation Leadership Summit

News and developments about airplanes, helicopters and unmanned air vehicles used in all varieties of operations, including airlines, military, business, commercial, general aviation and private.

New developments and products in avionics, specifically about aircraft electronics in the cockpit.

News and issues relating to business, corporate and private aviation, primarily regarding turbine-engine-powered airplanes and helicopters. Subjects include aircraft, engines, maintenance, operations, personnel, acquisitions, accidents, safety, security, and training.

CEO calls for transatlantic unity, arguing that no one wins from a trade war

France’s Daher Aircraft Says Its Investments Boost U.S. Aviation

News about bills, laws, regulations and other governmental decisions affecting aviation and aerospace. Topics include FAA re-authorizations, taxes on fuel and aviation activities, environmental legislation, ICAO decisions, governmental mediation of labor conflicts and World Trade Organization disputes and decisions.

Shanghai-based company says program funding now tops $100 million 

China’s TCab Tech Raises More Funds for E20 eVTOL Aircraft 

Curt Epstein

New developments at FBOs including regulations and noise issues; legal disputes; openings, acquisitions and mergers.

The program offers extra features for Titan-branded FBOs

Titan Aerospace Insurance Rolls Out New FBO Program

News about simulators and training procedures, as well as workforce.

News and issues concerning general aviation, specifically airplanes and helicopters powered by piston and alternative engines (i.e., non-turbine powered aircraft). Subjects include aircraft, engines, personnel, acquisitions, accidents, safety, security and training.

Fewer than half of Volocopter’s employees will resume work after the restructuring

Wanfeng’s Diamond Aircraft Absorbs eVTOL Developer Volocopter 

Amy Wilder

News and developments about aviation fuel, including jet fuel, aviation gasoline, and biofuel.

New acquisition expands Titan's aviation services portfolio

Titan Aviation Fuels Acquires Multi Service Aviation Card

Consulting firm also warned over the impact of U.S. tariffs on Bombardier exports

Altea Predicts Softening in Prices for Preowned Bizjets

News and issues concerning the aviation charter and fractional-ownership industries and markets, including company announcements, regulations, new developments and labor issues.

WingX data suggests rising aircraft numbers may not be viable as demand flattens

Supply/Demand Imbalance Could Signal Dip in Bizav Sector

News and issues regarding all manner of civil and military rotorcraft and their powerplants, including helicopters, tilt rotors and unmanned air vehicles.

In this article

Volocopter

Diamond Aircraft

More In Finance, Taxes, Insurance